• News
  • Money

Steinhoff shares plunge 60% as CEO Markus Jooste quits

Steinhoff shares plunge 60% as CEO Markus Jooste quits

Chief executive officer Marcus Jooste resigned with immediate effect on Wednesday after the global furniture and clothing retailer reported irregularities in its accounts that require further investigation.

Steinhoff said in a statement that it would publish its audited 2017 consolidated financial statements when it is in a position to do so.

Reuters reported last month that Steinhoff International did not tell investors about nearly $1 billion in transactions with a related company despite laws that some experts believe require it to do so.

Steinhoff's biggest shareholder and chairman, the billionaire Christo Wiese, has taken over as executive chairman temporarily. It also raised wider questions about South African corporate governance and would have a negative impact on the country's assets, he added.

Shares were also down by 66 per cent on the German stock exchange.

The group's share price has fallen 18.2% from Friday's closing price of R55.81 to R45.65 on Tuesday after warning shareholders on Monday its results would not be signed by its current auditors. The company has said that move related to whether revenues were booked properly, and whether taxable profit was correctly declared.

Steinhoff, which was already facing a criminal and tax investigation in Germany, said that it approached PwC about conducting an independent investigation into its accounting issues.

It is not clear if these are the accounting irregularities Steinhoff is referring to in its latest statement.

Wiese borrowed €1.6 billion ($1.9 billion) to buy additional Steinhoff shares through a family trust in September 2016, pledging €3.2 billion of his existing holding as security to the investment banks that lent the money. A spokesman declined further comment. There were wider repercussions in the Steinhoff group, with Ben la Grange, chief executive of Steinhoff African Retail (STAR) SRRJ.J , which includes control of Shoprite SHPJ.J , also resigning and STAR shares falling more than 30 percent.

The JSE's director of issuer regulation John Burke told Reuters the bourse was in talks with Steinhoff to get answers on the investigation of possible accounting irregularities.

Leave Your Comment

Leave Your Comment


Latest News

  • Sunni Waqf Board rejects Sibal's plea

    Sunni Waqf Board rejects Sibal's plea

    Another party to the case, Haji Mehboob said he also wanted early disposal of the matter and did not approve of Sibal's stand. The Supreme Court had fixed the next hearing for the long-standing matter for February 8, 2018.

    YouTube is cutting access to Amazon FireTV on January 1

    Google confirmed today that it's yanking YouTube from both the Echo Show and the Fire TV. Like Google , the Amazon statement ended with " hope " for a resolution soon.
    Americans reject Republican tax plan by wide margin

    Americans reject Republican tax plan by wide margin

    As of Wednesday, the bill had average ratings of 32% approval and 46% disapproval, based on polls from five organizations. In a Gallup survey , 29 percent of respondents approved of the Tax Cuts and Jobs Act, while 56 percent disapproved.
  • Luke Shaw Made A Great Contribution - Jose Mourinho

    Luke Shaw Made A Great Contribution - Jose Mourinho

    Michael Carrick, who turned 36 in the summer, has signed one-year deals for the past two seasons. Our opponents have all these issues. "No stories of Lacazette or David Silva.
    TVS Motor enters super-premium segment, launches Apache RR 310

    TVS Motor enters super-premium segment, launches Apache RR 310

    At the heart, the Apache RR 310 is powered by the same 312.2cc single-cylinder liquid-cooled motor derived from the BMW G 310 R. The company's two-wheelers are shipped to about 60 countries and in most of the markets the Apache RR 310 will be sold shortly.
    Trump lawyer: Deutsche Bank has not received subpoena for Trump records

    Trump lawyer: Deutsche Bank has not received subpoena for Trump records

    In June Deutsche Bank cited privacy laws when it rejected a request by House Democrats to provide details of Trump's finances. Deutsche Bank has also come under scrutiny for activities in the same world it shares with Trump, real estate investment.
  • Tennessee coaching search: Vols examining a trio of SEC defensive coordinators

    Tennessee coaching search: Vols examining a trio of SEC defensive coordinators

    The moves come just days after Fulmer was named the new athletic director amid Tennessee's disastrous search for a new coach. Georgia will play No. 2 Oklahoma in the Rose Bowl Game presented by Northwestern Mutual on New Year's Day.
    Whistleblower: Flynn texts broached nuclear plan, sanctions

    Whistleblower: Flynn texts broached nuclear plan, sanctions

    Flynn had been a paid consultant for the business venture before he joined the Trump campaign a year ago . He added, "This is the start of something I have been working on for years, and we are good to go".
    Why The Crown's Matt Smith Feels

    Why The Crown's Matt Smith Feels "Sorry" for Meghan Markle

    Harry and Cressida split from each other in 2014 after she and Prince Charles' youngest son began dating two years earlier. Markle when her and Harry first went public in November of a year ago - with searches increasing by 1430 per cent.
  • Tremors felt in Delhi-NCR as quake hits Uttarakhand

    Tremors felt in Delhi-NCR as quake hits Uttarakhand

    According to reports, medium intensity tremours were felt in Gurgaon, Noida and adjoining areas of Delhi for almost three seconds. A strong natural disaster that was estimated to measure 5.5 on the Richter scale struck Uttarakhand around 8:50 pm on Wednesday.
    Supreme Court allows enforcement of Trump travel ban while legal challenges continue

    Supreme Court allows enforcement of Trump travel ban while legal challenges continue

    Quick resolution by appellate courts would allow the Supreme Court to hear and decide the issue this term, by the end of June. As a result of Monday's ruling, Trump's travel ban can take full effect while legal challenges proceed.
    Hornets Coach Steve Clifford takes leave of absence to address health issues

    Hornets Coach Steve Clifford takes leave of absence to address health issues

    Silas has been in the league as a scout or assistant coach since 1999, and has served as an assistant with the Hornets since 2010. Clifford, 56, was hired as head coach of the then-Bobcats in 2013 and led Charlotte to a playoff appearance in his first year.
  • United Kingdom  government made no analysis of Brexit's economic impact

    United Kingdom government made no analysis of Brexit's economic impact

    Pro-EU MPs reacted with anger to the Brexit Secretary's admission that there are no impact assessments available. As recently as October, Mr Davis told MPs that sectoral reports existed in "excruciating detail".
    Goodell signs contract extension

    Goodell signs contract extension

    According to the report, the NFL's compensation committee sent a memorandum to all owners informing them of Goodell's extension. The position has been a lucrative one for Goodell, who has earned more than $200 million since 2006, according to ESPN .
    Hashtag wins Time Magazine's Person of the Year award

    Hashtag wins Time Magazine's Person of the Year award

    The #MeToo movement represents a broad range of people, mostly women who made public their sexual harassment experience. Time's 2017 Person of the Year cover, provided by Time , Inc.
  • Border arrests fall, deportations soar

    Border arrests fall, deportations soar

    Overall, ICE said deportations totaled 226,119, a decline of 6 percent from the previous year, but that number masks a major shift away from the border.
    U.S.  strategic bombers to train in South Korea

    U.S. strategic bombers to train in South Korea

    Among the aircraft sent by the us were a B-1B bomber, several F-22 Raptor stealth jets, F-35 stealth jets, and F-16 fighters. A F-15 from Kadena Air Base, Japan, lands at Gwangju Air Base, Republic of Korea, Dec. 01, 2017.

    Chinese influence on Australia is 'fabricated' by media, China claims

    Asked about Dastyari, Turnbull said: "Senator Dastyari's solicited money from a Chinese national". The optics are bad for the Labor Party, and Dastyari has been demoted again .

Breaking News



Recommended

Two Students Reportedly Wounded in Shooting Outside Pierce County High School

Investigators determined that the shooting occurred during a fight just off school grounds on Eustis-Hunt Road East. But before the fight started, someone in the getaway auto fired multiple rounds, hitting the two students.

Amazon brings Prime Video to Apple TV, falls out with Google

Both Amazon Prime Video and YouTube are available on Roku , a streaming stick not manufactured by tech industry behemoths. So, it will be interesting to see if this also changes following the launch of the Prime Video app on Apple TV.

Facebook tops Glassdoor's 'Best Places to Work' list

The job-hunting website on Wednesday released its list of top large companies to work for, as voted by employees. Seven Boston companies have been ranked on a nationwide survey of best places to work in the United States.

Oil imports inflate U.S. trade deficit to widest in nine months

Imports of drilling and oilfield equipment climbed by $304 million, and imports of cellphones rose by $303 million. Meanwhile, imports fell 1.6 per cent to $45.9 billion in October, mainly due to a drop in motor vehicles and parts.

John Oliver questions Dustin Hoffman over groping allegations

But, it becomes a fad in which, you know, I said a stupid thing, you know, but I said it in the midst of the crew. But he said he felt he had no choice but to bring up the "elephant in the room". " Move on .

What you need to know about the Christmas tree shortage

Make sure to check cords for any frays or loose connections before putting them on the tree, and don't leave them on constantly. These trees often come from China, where "Christmas villages" manufacture the world's trees and decorations.

No exemption given under Odd-Even, Delhi govt tells Green Court

The maximum and minimum temperature would be around 24 and 9 degrees Celsius respectively, according to the weather department. Meanwhile, the city recorded a high of 23.9 degrees Celsius, a low of 8 degrees Celsius, a MeT department official said.

Amaterasu Plays Fetch In Dota 2

By default couriers take the form of donkeys but custom couriers have been a feature of Dota 2 for a long, long while. In 2015, Square Enix created a Chocobo courier, in celebration of the release of Final Fantasy Type-0 HD on Steam.

Jamie Carragher: 'David Silva is Manchester City's best ever player'

Guardiola thanked Nicolas Otamendi and match-winner David Silva for the goals that sank the fearless Hammers. "I would prefer to win (games) earlier but the Premier League is the Premier League", Guardiola said .

Facebook Messenger down for some

The home screen shows them at a glance who they are allowed to talk to, and when those contacts are online. Instead, the company stressed that it is taking security for Messenger Kids very seriously.